Financial Accounting > QUESTIONS & ANSWERS > ACCT 212 Week 1 Quiz (Summer 2021)v2 (All)

ACCT 212 Week 1 Quiz (Summer 2021)v2

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1. Question: The term GAAP stands for: 2. Question: Financial accounting serves which primary function(s)? – Measures business – Communicates business activities to interested – Makes business decisions on behalf ...

1. Question: The term GAAP stands for: 2. Question: Financial accounting serves which primary function(s)? – Measures business – Communicates business activities to interested – Makes business decisions on behalf of interested 3. Question: Which of the following represents an obligation of the company? 4. Question: Which body has the primary responsibility for the establishment of Generally Accepted Accounting Principles? 5. Question: At the end of the current period, Maltese, Inc. reports the following amounts: Assets = $50,300; Liabilities = $32,100; Dividends = $4,100; Revenues = $21,600; Expenses = $15,900. Calculate net income and stockholders’ equity at the end of the period. 6. Question: During its first five years of operations, Della Manufacturing reports net income and pays dividends as follows. Year Net Income Dividends 1 $2,200 $1,500 2 2,600 800 3 3,500 2,100 4 5,000 1,800 5 8,300 3,100 Calculate the balance of retained earnings at the end of each year. Note that retained earnings will always equal $0 at the beginning of year 1. 7. Question: Consider the following account balances of the Shattuck Law Firm at the end of the year: Accounts Payable $ 4,400 Salaries Expense 12,800 Cash 1,700 Common Stock 2,400 Service Revenue 8,300 Supplies 4,300 Retained Earnings 1,100 Utilities Expense 5,000 How many of these accounts would appear in Shattuck’s year-end balance sheet? 8. Question: Which of the following statements is NOT correct about the financial statements? 9. Question: Which of the following is not a major section in the statement of cash flows? 10. Question: Which of the following best describes the primary role of auditors in financial reporting?

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